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Newport, KY Code of Ordinances
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§ 38.041 APPLICATION.
   All City employees’ pension and retirement funds presently existing and in operation pursuant to the statutory law and ordinances shall be operated under the provisions hereof beginning with March 1, 1965, and thereafter.
(1995 Code, § 2.88.020)
§ 38.042 TRANSITIONAL PROVISION.
   (A)   Members of City employees’ pension fund retired by reason of age or disability and the widows or other dependents drawing funds from the fund shall be continued upon the same terms and conditions as were in operation at the time they began to draw their compensation.
   (B)   Members of the City employees’ pension fund, together with those who hereafter become members, and their widows and other dependents shall draw compensation pursuant to the provisions hereof.
(1995 Code, § 2.88.030)
§ 38.043 FUND ESTABLISHED.
   (A)   There is established in the City a retirement and benefit fund for employees of the City, their dependents and beneficiaries. The fund is established forthwith and shall be known as the “Employees Retirement Fund of the City of Newport, Kentucky.”
   (B)   (1)   In such name, its business shall be transacted, its moneys invested and its accumulated reserves consisting of cash, securities and other property held.
      (2)   It shall receive all assets, cash, securities and other property presently held by the trustees of an existing fund.
(1995 Code, § 2.88.040)
§ 38.044 PURPOSE.
   The purpose of the fund is to provide retirement annuities and disability benefits for the employees of the City who became aged or otherwise incapacitated and widows’ annuities and other benefits to the dependents of such employees to the end that the employees have accumulated reserves for themselves and their dependents to meet, without prejudice or hardship, the hazards of old age, disability, death and termination of service, thereby encouraging qualified personnel to enter and remain in the service of the City.
(1995 Code, § 2.88.050)
§ 38.045 MEMBERSHIP.
   The following persons are members of the fund: Any former employee of the City who contributed to the fund and was awarded a retirement annuity by reason of age or disability from the fund.
(1995 Code, § 2.88.060)
§ 38.046 RATE OF RETIREMENT ANNUITY.
   The rate of retirement annuity is 2% of average salary for each year of total service up to and including 20 years and 1% of average salary for each year of total service after 20 years, subject to a maximum of 65% of average salary. Fractional periods of service shall be considered in the calculation of the annuities according to the aforesaid rate.
(1995 Code, § 2.88.110)
§ 38.047 DEATH BENEFITS.
   (A)   (1)   Upon death of a member, due to occupational causes, regardless of length of service, his or her surviving widow or widower shall be entitled immediately upon cessation of salary to an annuity equal to 50% of the member’s average rate of salary, as herein defined. The annuity shall be payable until he or she dies or remarries. In addition, if minor children of the member under age 18 survive the member, the widow or widower shall receive on account of each child 10% of the member’s last rate of salary until each child attains age 18. The combined payments to a widow or widower and minor child shall not exceed 60% of his or her average rate of salary, as herein defined.
      (2)   If a widow or widower does not survive the member, or if he or she remarries, and minor children of the member under age 18 exist, each child is entitled to an annuity equal to 10% of the member’s last rate of salary until each child attains age 18, but the combined payments to the children shall not exceed 50% of the member’s average rate of salary, as herein defined.
      (3)   If neither a widow nor minor children eligible for benefits survive the member, each dependent parent is entitled to an annuity equal to 25% of the member’s last rate of salary, or 50% to both parents.
      (4)   Benefits payable for occupational death shall be reduced by any amount payable to the member’s survivors as a result of worker’s compensation laws.
(1995 Code, § 2.88.120)
   (B)   (1)   Upon death of a member occurring while in service, arising from any cause other than in the performance of duty; provided, the member had at least five years of total service, his or her widow or her widow or widower shall receive an annuity equal to 1.5% of average salary for each year of total service, credited to the member, subject to the following conditions:
         (a)   The widow or widower is at least 40 years of age, otherwise payment shall be deferred until she attains the age, except that if he or she is or becomes totally disabled before age 40, or has a minor child or children by the member in his or her care under age 18 including adopted children; provided, the proceedings for adoption were initiated at least one year prior to death of member, payment of the widow’s or widower’s annuity shall begin immediately together with an additional allowance on account of the child or children.
         (b)   The widow’s or widower’s annuity shall terminate in any event when the widow or widower remarries. The annuity of each child or children shall continue until each child attains age 18.
      (2)   If the widow or widower has minor children by the member under age 18, the annuity to the widow or widower shall be increased 1/2 on account of the first child and 1/4 on account of each additional child, subject to a maximum combined payment to the widow and children of 50% of the final rate of salary.
      (3)   These benefits shall also be payable upon death of the member while on retirement; provided, marriage was in effect for at least one year before retirement.
      (4)   Benefits payable under this section shall be reduced by any amount paid to the member’s survivors for death due to occupational causes, other than from employment with the City, as a result of worker’s compensation laws.
(1995 Code, § 2.88.130)
   (C)   (1)   Upon death of a member, occurring while in active service, if no annuities are payable, the designated beneficiary to the member or his or her estate shall be entitled to a death benefit equal to the total contributions made by the member, without interest, or $300, whichever is greater.
      (2)   Upon death of a retired member, if no annuities shall be due or payable, a death benefit shall be paid to the designated beneficiary or estate of the member, equal to the excess, if any, of the total contributions made by the member to this fund to the date of retirement without interest, over the total annuity payments received by the member. The minimum payment in such case shall be $300. If any annuities are payable after the death of a retired member, the amount of the death benefit, if any, shall be determined upon termination of annuity payments to all survivors of the member, whether the termination occurs by death, remarriage or other cause.
(1995 Code, § 2.88.170)
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